Xerox Names New Stand-Alone Company (Conduent), and Ashok Vemuri as Its CEO


Xerox Names New Stand-Alone Company (Conduent), and Ashok Vemuri as Its CEO

Xerox Corp. made announcements in mid-June related to its pending separation into two independent, publicly traded companies: their names and the executive appointed CEO of one. Business Process Outsourcing (BPO) will be named Conduent Inc., with Ashok Vemuri becoming its CEO on completion of the breakup, expected by year’s end. And Document Technology will continue to be called Xerox Corp. 

The name Conduent, Xerox said in a press release, was inspired by the new company’s expertise in connecting clients and their constituents through seamless transactions at massive scale in areas such as customer care, transportation solutions, and healthcare payer and provider services. 

“Conduent” reflects the company’s position as a partner to businesses and governments, delivering experiences that drive satisfaction and retention among consumers, patients, commuters and employees.
“Conduent will begin its next chapter as a standalone company with a name that conveys the vital business we conduct every day,” said Ursula Burns, Xerox Chairman and CEO. “[It] is well-positioned to build on its strong heritage as a leader in business process services, and will carry forward the values and culture of innovation, diversity and integrity from Xerox.” 
With approximately $7 billion in 2015 revenue and 96,000 employees worldwide, Conduent will be a Fortune 500-scale business process services company with expertise in transaction-intensive processing, analytics and automation.  
Its differentiated offerings touch millions of lives, the press release added, including two-thirds of all insured patients and more than half of all mobile phone subscribers in the U.S. Conduent will have the second-largest market share in the business process outsourcing industry. 
Xerox Corp.
The Document Technology company will retain the Xerox brand name, which it said is “known globally for revolutionizing the way the world communicates – originally through copying, now through digital technology, software and services.”
“With unparalleled brand equity in printing and imaging, there is no better name for our document technology and document outsourcing businesses than Xerox,” Chairman and CEO Burns said. “Building on its deep understanding of how the world works, communicates and shares content, the new Xerox will continue to help clients improve their workflow, productivity and business performance, no matter where they are on their digital journey.” 
With approximately $11 billion in 2015 revenue and 39,000 employees, Xerox will be a Fortune 500-scale company with a diverse portfolio of hardware, software and services supporting governments and commercial enterprises. Burns said the company will continue to be a global leader across document and content technology and applications, managed print services, and workflow solutions. 
Conduent CEO-to-be Vemuri
Ashok Vemuri joined Xerox, effective July 1, as CEO of Xerox Business Services and Executive Vice President of Xerox Corp. After the completion of Xerox’s planned separation, Vemuri will serve as Chief Executive Officer and a Director of Conduent, the new BPO company.
“Ashok’s deep industry experience and proven track record of leading growth and corporate transformations will be instrumental for the BPO company’s future success,” said Xerox Chairman and CEO Burns. “He’s an excellent leader, with the right combination of operational, financial and client experience to successfully drive our BPO company’s go-forward strategy.” 
Vemuri served as President and CEO of iGate Corp. from September 2013 to October 2015. He transformed the company’s operations, go-to-market strategy and balance sheet, and ultimately executed a highly-successful, strategic sale of the company to Capgemini. 
Previously, Vemuri was a senior executive at Infosys for 14 years, where he served as a board member, Head of Americas, and Global Leader of Manufacturing and Engineering Services. 
 “I’m excited to join Xerox at this stage of its new path forward,” Vemuri said. “Its BPO business is in several attractive markets and has an impressive client list that includes top global brands and vital government agencies. The standalone BPO company [Conduent], will have many new opportunities, leveraging its differentiated capabilities and executing a more focused value-creation strategy for the benefit of clients, employees and shareholders,” Vemuri said.
On Jan. 29, 2016, Xerox announced its plans to separate into two independent, publicly-traded entities – a Document Technology company comprising its Document Technology and Document Outsourcing businesses, and a BPO company. At the time, Xerox was targeting to file its initial Form 10 registration statement with the U.S. Securities and Exchange Commission in July. The transaction is on track to be completed by the end of 2016, Xerox said.
Article contributed by the Parking PT team.
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